Norway seeks to head off tariff threat as stats show importance of US market

Norway’s new finance minister Jens Stoltenberg has said the country must do everything possible to prevent trade restrictions against its goods being introduced by the United States.

Stoltenberg, a former Norwegian PM and the secretary general of NATO from 2014-2024, was speaking at his first press conference yesterday.

His speech came ahead of Norwegian Seafood Council statistics released today showing that the value of Norwegian salmon exported to the US in January increased by NOK 319 million to NOK 1.1 billion (£78.3m / US $98.2m), or 39%, compared to the same month last year.

The export volume to the US was 7,313 tonnes, which is 40% higher than in the same month last year.

Exports of other fish to the US were also worth more. The value of trout sold to the US was up by 55% to NOK 110.6m; king crab by 81% to NOK 105m; mackerel by 41% to NOK 31.7m; and haddock by 7% to NOK 23.2m. The US was the largest single market for Norwegian seafood exports in January, worth NOK 1.5bn, 9.7% of total seafood exports last month.

Coalition split

Labour politician Stoltenberg replaced Trygve Slagsvold Vedum as finance minister after Vedum’s Centre Party withdrew from its coalition with Labour.

Stoltenberg said countries were at risk of a trade war the likes of which we hadn’t been not seen since before the Second World War.

“First and foremost, Norway must do everything possible to prevent trade restrictions against Norwegian goods from being introduced. If that were to happen, we must cooperate closely with those closest to us, not least the EU,” he said.

His plan is to take advantage of his experience as NATO commander to avoid Norway being affected by tariffs already imposed on goods from China by US President Donald Trump, who has also threatened charges of imports from other countries such as Mexico and Canada, and from Europe. 

“I will share my experiences from international cooperation, including from the time I collaborated with Trump during his first term,” said Stoltenberg.

Seafood 21% of exports to US

At a webinar organised by the Norwegian Seafood Council last Friday, Norway’s fisheries and oceans minister Marianne Sivertsen Næss said the US was now Norway’s most important seafood outside Europe.

“The seafood industry has significant exports to the US. Although exports to the US only account for 3% of Norwegian goods exports overall, seafood accounts for 21% of this total,” said the minister.

“There are no tariffs on the most important seafood products that are exported. And we have no challenges in the veterinary area. So, in other words, the sale of seafood from Norway to the US has been smooth. We in the government will work to ensure that it remains that way.”